After yesterday's continuous rise, a large number of large transactions appeared in the crypto options market, with transactions exceeding $1.2 billion in the past 24 hours.

Among them, the transaction volume of Bitcoin put options was the largest, reaching $530 million, accounting for a quarter of the total transaction volume on the day.

Among them, the largest transaction had a nominal face value of $66 million,

🔴

Sell

🔶

BTC-28MAR25-40000-P

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x500.00 @ ฿0.0130, IV: 60.50

🟢

Buy

🔶

BTC-27DEC24-40000-P

📉

x500.00 @ ฿0.0042, IV: 67.85

This transaction is a deeply out-of-the-money calendar. The trader received a premium of $300,000 and was bullish, but the trader's intentions could not be guessed too accurately.

Overall, the recent option sellers are still stronger, especially the bearish price is very good.

The cost of buying a put option is lower, but the lower option cost also means that most people in the market are not optimistic about this direction.